# ClassWallet

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/classwallet

- Industry: Software
- Headquarters: Hollywood, US
- Website: www.classwallet.com
- Total disclosed funding: $12M
- Latest round: Seed (May 7, 2018)
- Investors on record: 10

## About

ClassWallet is a technology company that offers a digital wallet solution aimed at enhancing the management of public funds for educational institutions, government agencies, and families.ClassWallet, founded in 2014 by Jamie Rosenberg and Neil Steinhardt, operates from Hollywood, US, providing a digital wallet platform that simplifies fund management processes. The company has successfully conducted a total of 8 deals, with the most recent funding round occurring on August 15, 2023, where they raised USD 30.00 mn in a GROWTH round led by Guidepost Growth Equity, along with investments from Education Growth Partners and Lazard Family Office Partners. This funding brings the total amount raised by ClassWallet to USD 30.00 mn.ClassWallet provides a digital wallet solution designed to manage public funds efficiently for a variety of stakeholders, including government agencies, educational institutions, and families. Its core offerings facilitate the setup and management of vendor accounts, allowing organizations to streamline the purchasing and reimbursement process through a user-friendly digital platform. The service includes spending guardrails, audit-ready reporting, and unparalleled security models to ensure compliance with regulatory requirements and to enhance administrative efficiency. ClassWallet's solutions cater to a diverse client base, including school districts, early care and education programs, and organizations supporting vocational rehabilitation initiatives. The company's products are predominantly utilized in the United States, with notable implementations across states like New Hampshire and Michigan, where they have addressed specific funding and compliance needs in educational settings.ClassWallet generates revenue through a transactional model that supports various public funding programs. The company collaborates with government agencies and educational institutions, which utilize its platform for efficient fund disbursement and management. Transactions typically involve direct contracts or partnerships, where clients pay for the service of managing their financial disbursements, thereby reducing administrative burdens associated with traditional processes. ClassWallet's revenue structure includes fees based on the volume of transactions processed through its platform, as well as potential subscription models for ongoing access to its services. Their flagship offerings, such as the digital wallet solution for managing student activity funds or emergency assistance grants, reflect their focus on providing tailored financial solutions in the public sector.In August 2023, ClassWallet raised USD 30.00 mn in growth capital funding to reshape the way government agencies conduct business. This funding is part of a larger USD 95.00 mn growth capital round aimed at expanding their product offerings and geographic reach. ClassWallet plans to launch new products designed to enhance their service capabilities, although specific release dates have not been disclosed. Additionally, the company seeks to penetrate new markets and regions to increase its presence and customer base.

## Funding rounds

- Seed, May 7, 2018, $2.3M — Brentwood Associates, Sinovation Ventures, NewSchools Venture Fund, Rainfall Ventures, Florida Funders
- Seed, Jan 10, 2017, $1.1M — Brentwood Associates, Rainfall Ventures, Florida Funders
- Seed, Apr 16, 2016, $5.6M — Sinovation Ventures, Techstars
- Seed, Jul 13, 2015, $1.9M — Kaplan Ventures, NewSchools Venture Fund, Miami Angels, MaverixLab
- Angel, May 15, 2014, $0.6M — Techstars, NewSchools Venture Fund, Kaplan EdTech

## Investors

- Techstars (https://capitalatlas.ai/funds/techstars) — Angel, Seed
- NewSchools Venture Fund (https://capitalatlas.ai/funds/newschools-venture-fund) — Angel, Seed
- Kaplan EdTech — Angel
- Kaplan Ventures (https://capitalatlas.ai/funds/kaplan-ventures) — Seed
- Miami Angels (https://capitalatlas.ai/funds/miami-angels) — Seed
- MaverixLab — Seed
- Sinovation Ventures (https://capitalatlas.ai/funds/sinovation-ventures) — Seed
- Brentwood Associates (https://capitalatlas.ai/funds/brentwood-associates) — Seed
- Rainfall Ventures (https://capitalatlas.ai/funds/rainfall-ventures) — Seed
- Florida Funders (https://capitalatlas.ai/funds/florida-funders) — Seed